Over time, the worth of a house will fluctuate up and down.
Normally, house values appreciate in the long term.
But, of course, in real estate there are no guarantees.
When your property appreciates you have a greater asset to borrow against, and you'll make a bigger profit when you sell.
But how can you be sure what you're buying presently will appreciate over time? Property values in Burlington go up and down for numerous reasons.
It's critical that you go with a REALTOR® in Burlington who knows the factors that influence local prices.
Many assume that the economy is the greatest factor affecting real estate appreciation.
It goes without saying that
there are numerous factors on a national level that affect your house's value: unemployment, interest rates, consumer confidence, and more.
But the most important factors that figure your property's value depend on the local Burlington economy and residential market.
Location in a community - Proximity to schools and jobs also have a great influence on many home buyers' choices.
So when it comes to retaining their value, these communities consistently appreciate much more reliably than areas lacking key features.
Prior home sales - Are homes on the market 30, 60, or 90 days or even longer? What was the selling price versus the asking price? Some information can often be retrieved from public records, but a good agent with a login to the local MLS will usually provide a more complete picture.
History of appreciation - In the past 5 to 10 years, have house prices increased or decreased? Does location or affordability affect how desirable the community is thought to be?
The local economy - Are local companies hiring? Have businesses moved into or away from an area? Is there a nice combination of jobs in an area, or does it rely upon just one industry? Is the blend of commercial and residential zoning changing?
Each of these pieces plays a role.